USD/TRY rallies to a new all-time high, leaving the 9.00 mark in its sights – Commerzbank

The Turkish lira continues to be under pressure. USD/TRY has made a new all-time high and still targets the minor psychological 9.0000 mark, Axel Rudolph, Senior FICC Technical Analyst at Commerzbank, reports.

USD/TRY made yet another new all-time high at 8.8057

“USD/TRY’s swift reversal from its current June low at 8.2735 has taken it to a new all-time high at 8.8057 (according to CQG data) with the psychological 9.0000 mark and a daily 0.1 x 3 vertical Point & Figure target at 9.1000 being in the spotlight.”

“Good support below last week’s low at 8.5940 can be found at the March and early May highs at 8.5300/4605. Further down meanders the 55-day moving average at 8.4217 and sits at the current June low at 8.2735.” 

“Support below the next lower 8.2056 May low is seen at the 8.1300 late April low and also at the late November and December highs and April low at 8.0530/7.9775. Further down lies the March 8 high at 7.7881. Below it the March 17 high and March 23 low can be spotted at 7.6923/7.6413.”